• GBP/NZD eased on Tuesday as kiwi dollar gained ground against pound ahead of Reserve Bank of New Zealand meeting.
• The RBNZ is expected to maintain its official cash rate (OCR) at 5.5% on Wednesday, while signaling potential easing in October. However, a rate cut wouldn't be surprising given the softening inflation.
• A close below support at 50%fib will give further momentum to bears, opening the way for a run towards 2.1150level.
• Immediate resistance is located at 2.1331 ( 38.2%fib),, any close above will push the pair towards 2.1497(July 17th high).
• Immediate support is seen at 2.1148(50%fib) and break below could take the pair towards 2.1038 (Lower BB).
Recommendation: Good to sell around 2.1180, with stop loss of 2.1350 and target price of 2.1150
